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• S&P futures down 0.4%. Asian markets weaker overnight with Hong Kong the big decliner. China still closed for holiday. European markets on the defensive. Treasuries under pressure after biggest backup in yields since 2016 election on Wednesday. Dollar mostly weaker, though pullback limited. Gold slightly up. WTI crude off 0.2% after rallying to highest settle since 2014 in prior session despite bigger inventory build. Brent has upside DeMark exhaustion signals today.  
• Bond yield backup the big story again today. Bond bullish  sentiment at 43% and lowest level since early June.  Magnitude of the move a headwind for equity sentiment. S&P bullish sentiment at 63% and breaking into the 50% level would be the first time back at early July levels. Strong US economic data continues to get bulk of the blame. Shift from QE to QT another widely discussed overhang. Late-cycle stimulus measures continue to put some attention on deficit concerns. Dollar funding costs (dampening foreign interest), oil rally and reports of wage increases also in the headlines.
• Latest bond move also partly chalked up to Fedspeak. Fed Chair Powell said rates still a long way from neutral and may go above that level. (Hawkish) US-China tensions in focus with Pence to give a speech highlighting election meddling and US Navy considering show of force in South China Sea and Taiwan Strait.(This will not go over well in China) Italian Prime Minister confirmed plan bring 2.4% deficit in 2019 down to 2.1% in 2020 and 1.8% in 2021. (inline with expectations)
• Not much corporate news. Barnes and Noble a big gainer after it announced plan to evaluate strategic alternatives following expressions of interest from multiple parties. Hewlett Packard boosted by slightly better FY19 EPS and FCF guidance out of its analyst day. Weak results from Pier One not a surprise.
• Bloomberg latest to discuss negative guidance trend heading into Q3 earnings season. (They are picking up on my October earnings theme)
• China used tiny chip in hack that infiltrated US businesses; Amazon and Apple  among companies infiltrated -- Bloomberg  - Pretty wild story
• White house finds no support in FBI report for claims against Kavanaugh
• USD/CNH weakened past the key support level of 6.9 per dollar as prospects of sustained tightening in the US boosted the greenback. Mainland markets are closed for holidays this week. Last PBOC yuan fixing was 6.8792 per dollar. USD/CNY has been generally stable since breaching 6.9 in mid-August.
• We'll be previewing the new Hedge Fund Telemetry Sentiment Charts on today's Daily Note that we are launching within the coming weeks.  They are interactive with different time frames and we believe you'll find them very useful.  45 different markets!  

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Occasionally, an earnings report date could change, or could be incorrect. We rely on various sources including Street Account, Factset, and Bloomberg to compile this report.    

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